Newark USDA Loans
NEWARK, NJ-PA
USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.
Newark's 39 lenders originated 84 USDA loans during 2021. The total origination value was $19,750,000, with an average USDA loan value of $235,119.
Newark USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Newark
averaged
4.58%
for the week of 2022-03-25, compared to the national average (all USDA variants) of
4.554% for the same period.
The average rate for the prior week (2022-03-18) was
4.2% and
one month ago for the week of 2022-02-18, the
average rate was 4.11%.
The average rate one year ago was 3%.
For refis of the same type during the week of 2022-03-25, the average rate
was 4.56%.
Newark USDA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Newark level.
The top Newark USDA lender as defined by loan originations is HOME POINT FINANCIAL CORPORATION, with
8 USDA loans originated. Their average total fees are
$9,289, which is $2,694
higher than the next largest lender,
Summit Mortgage Corporation.
The lowest fee Newark USDA lenders (with over 10 loans originated) are
.
The lowest rate Newark USDA lenders (with over 10 loans originated) are
.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Newark (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $479,990 (11.9%) | $1,120,433 (11.2%) | 1.77 | 57,187 |
2018-02-01 | $499,950 (11.9%) | $1,143,135 (8.6%) | 1.80 | 60,843 |
2018-03-01 | $520,000 (13.3%) | $1,127,161 (6.0%) | 1.80 | 64,252 |
2018-04-01 | $534,450 (12.5%) | $1,117,910 (-0.1%) | 1.79 | 69,662 |
2018-05-01 | $549,000 (11.1%) | $1,125,466 (1.1%) | 1.83 | 76,071 |
2018-06-01 | $549,000 (10.9%) | $1,100,381 (0.9%) | 1.83 | 79,722 |
2018-07-01 | $549,000 (12.3%) | $1,089,758 (2.1%) | 1.83 | 80,369 |
2018-08-01 | $532,450 (11.0%) | $1,037,144 (-2.0%) | 1.78 | 79,480 |
2018-09-01 | $535,000 (10.3%) | $1,040,837 (-2.6%) | 1.79 | 80,337 |
2018-10-01 | $538,312 (10.2%) | $1,047,397 (-1.4%) | 1.80 | 80,917 |
2018-11-01 | $535,000 (10.3%) | $1,059,739 (0.1%) | 1.79 | 78,103 |
2018-12-01 | $525,000 (9.4%) | $1,060,260 (-0.8%) | 1.80 | 70,729 |
2019-01-01 | $520,000 (8.3%) | $1,060,952 (-5.3%) | 1.79 | 65,203 |
2019-02-01 | $528,500 (5.7%) | $1,068,687 (-6.5%) | 1.77 | 67,311 |
2019-03-01 | $540,714 (4.0%) | $1,081,156 (-4.1%) | 1.76 | 71,501 |
2019-04-01 | $556,500 (4.1%) | $1,091,209 (-2.4%) | 1.75 | 76,385 |
2019-05-01 | $569,500 (3.7%) | $1,091,152 (-3.1%) | 1.76 | 82,849 |
2019-06-01 | $569,000 (3.6%) | $1,083,706 (-1.5%) | 1.75 | 85,761 |
2019-07-01 | $559,500 (1.9%) | $1,066,914 (-2.1%) | 1.74 | 84,579 |
2019-08-01 | $553,989 (4.1%) | $1,045,028 (0.8%) | 1.74 | 82,599 |
2019-09-01 | $550,461 (2.9%) | $1,041,042 (0.0%) | 1.75 | 80,488 |
2019-10-01 | $558,028 (3.7%) | $1,070,885 (2.2%) | 1.78 | 80,248 |
2019-11-01 | $550,000 (2.8%) | $1,081,547 (2.1%) | 1.77 | 75,510 |
2019-12-01 | $553,528 (5.4%) | $1,114,237 (5.1%) | 1.85 | 65,625 |
2020-01-01 | $549,000 (5.6%) | $1,113,984 (5.0%) | 1.83 | 59,940 |
2020-02-01 | $559,900 (5.9%) | $1,115,474 (4.4%) | 1.81 | 61,312 |
2020-03-01 | $569,450 (5.3%) | $1,116,442 (3.3%) | 1.78 | 63,346 |
2020-04-01 | $580,000 (4.2%) | $1,187,911 (8.9%) | 1.81 | 61,178 |
2020-05-01 | $579,000 (1.7%) | $1,135,762 (4.1%) | 1.75 | 58,452 |
2020-06-01 | $589,500 (3.6%) | $1,136,559 (4.9%) | 1.72 | 61,210 |
2020-07-01 | $599,500 (7.2%) | $1,149,009 (7.7%) | 1.72 | 64,394 |
2020-08-01 | $635,000 (14.6%) | $1,227,096 (17.4%) | 1.81 | 66,679 |
2020-09-01 | $644,450 (17.1%) | $1,236,828 (18.8%) | 1.84 | 67,133 |
2020-10-01 | $655,360 (17.4%) | $1,300,695 (21.5%) | 1.87 | 68,637 |
2020-11-01 | $649,000 (18.0%) | $1,284,039 (18.7%) | 1.86 | 65,676 |
2020-12-01 | $649,450 (17.3%) | $1,317,463 (18.2%) | 1.90 | 57,196 |
2021-01-01 | $649,000 (18.2%) | $1,356,030 (21.7%) | 1.91 | 49,631 |
2021-02-01 | $649,108 (15.9%) | $1,370,351 (22.9%) | 1.87 | 46,629 |
2021-03-01 | $648,500 (13.9%) | $1,361,646 (22.0%) | 1.82 | 46,573 |
2021-04-01 | $649,694 (12.0%) | $1,374,697 (15.7%) | 1.75 | 48,615 |
2021-05-01 | $649,000 (12.1%) | $1,356,538 (19.4%) | 1.71 | 51,469 |
2021-06-01 | $640,060 (8.6%) | $1,320,359 (16.2%) | 1.66 | 54,695 |
2021-07-01 | $622,500 (3.8%) | $1,276,979 (11.1%) | 1.62 | 55,033 |
2021-08-01 | $627,000 (-1.3%) | $1,376,032 (12.1%) | 1.65 | 57,049 |
2021-09-01 | $631,868 (-2.0%) | $1,410,300 (14.0%) | 1.66 | 56,921 |
2021-10-01 | $639,000 (-2.5%) | $1,439,479 (10.7%) | 1.68 | 57,262 |
2021-11-01 | $655,000 (0.9%) | $1,557,436 (21.3%) | 1.73 | 54,263 |
2021-12-01 | $664,000 (2.2%) | $1,631,077 (23.8%) | 1.77 | 46,763 |
2022-01-01 | $675,000 (4.0%) | $1,713,536 (26.4%) | 1.80 | 40,031 |
Newark's median listing price comes in at 180% of the national average.
Newark's average listing price for 2022-01-01 was $1,713,536, a difference of $357,506 (26.4%) versus the prior year and $82,459 versus the prior month.
For the 2022-01-01 period, Newark had 40,031 MLS listings, a difference of -6,732 listings (-14%) versus the prior month and -9,600 listings (-19%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Newark (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 90 days | 1,926 sqft |
2018-02-01 | 82 days | 1,910 sqft |
2018-03-01 | 58 days | 1,900 sqft |
2018-04-01 | 56 days | 1,918 sqft |
2018-05-01 | 52 days | 1,923 sqft |
2018-06-01 | 53 days | 1,944 sqft |
2018-07-01 | 63 days | 1,959 sqft |
2018-08-01 | 67 days | 1,950 sqft |
2018-09-01 | 71 days | 1,932 sqft |
2018-10-01 | 69 days | 1,912 sqft |
2018-11-01 | 70 days | 1,888 sqft |
2018-12-01 | 82 days | 1,872 sqft |
2019-01-01 | 88 days | 1,847 sqft |
2019-02-01 | 82 days | 1,850 sqft |
2019-03-01 | 57 days | 1,887 sqft |
2019-04-01 | 52 days | 1,931 sqft |
2019-05-01 | 52 days | 1,935 sqft |
2019-06-01 | 57 days | 1,964 sqft |
2019-07-01 | 64 days | 1,960 sqft |
2019-08-01 | 72 days | 1,952 sqft |
2019-09-01 | 71 days | 1,932 sqft |
2019-10-01 | 67 days | 1,924 sqft |
2019-11-01 | 66 days | 1,872 sqft |
2019-12-01 | 84 days | 1,854 sqft |
2020-01-01 | 92 days | 1,845 sqft |
2020-02-01 | 77 days | 1,860 sqft |
2020-03-01 | 56 days | 1,881 sqft |
2020-04-01 | 56 days | 1,872 sqft |
2020-05-01 | 74 days | 1,860 sqft |
2020-06-01 | 77 days | 1,888 sqft |
2020-07-01 | 49 days | 1,812 sqft |
2020-08-01 | 45 days | 1,734 sqft |
2020-09-01 | 50 days | 1,690 sqft |
2020-10-01 | 49 days | 1,645 sqft |
2020-11-01 | 63 days | 1,635 sqft |
2020-12-01 | 75 days | 1,588 sqft |
2021-01-01 | 85 days | 1,536 sqft |
2021-02-01 | 84 days | 1,515 sqft |
2021-03-01 | 60 days | 1,510 sqft |
2021-04-01 | 49 days | 1,514 sqft |
2021-05-01 | 44 days | 1,532 sqft |
2021-06-01 | 45 days | 1,550 sqft |
2021-07-01 | 50 days | 1,568 sqft |
2021-08-01 | 49 days | 1,547 sqft |
2021-09-01 | 49 days | 1,528 sqft |
2021-10-01 | 53 days | 1,504 sqft |
2021-11-01 | 57 days | 1,494 sqft |
2021-12-01 | 68 days | 1,449 sqft |
2022-01-01 | 79 days | 1,410 sqft |
Newark's median square footage for active listings during the 2022-01-01 period was 1,410 sqft. One year prior, the average listing was 1,536 sqft.